Industry News

Floridians nabbed in alleged real estate foreclosure scams

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Four Floridians were arrested in two separate but related alleged foreclosure scams that victimized more than 20 homeowners, state officials said today. Terrence Rosenberg, Shannelle Brantley and Leighton Brown, all of Miami, were arrested for their roles in an alleged mortgage fraud and surplus foreclosure funds scam, and Manuel Rosado Jr. of Miami was also arrested, according to Florida's attorney general, Charlie Crist. Thousands of people across the country are losing their homes to foreclosure "rescue" scams, said a report published by the National Consumer Law Center in June 2005. The report, which identified scams in 18 states including Colorado, recommended that states ban or regulate such activity. Bills aiming to protect consumers from such scams are being considered in Colorado and also in Chicago. Minnesota and Maryland have recently enacted such laws, with Maryland's law going into effect last May, while Minnesota's was enacted a year and a half ago. One of the Florida s...